“Big Fish is a very successful business with a bright future that will be best realized by being part of Aristocrat’s strategy and vision for their online and mobile gaming portfolio. We thank our team members at Big Fish for their outstanding efforts over the three years since CDI acquired Big Fish”, said Bill Carstanjen, CEO of CDI. “We will refocus our strategy on our core assets and capabilities including growing the Kentucky Derby, expanding the casino segment, TwinSpires.com and other forms of real money gaming, and maximizing our thoroughbred racing operations.”

The sale has been approved by the Board of Directors of CDI and is subject to customary regulatory approvals and other closing conditions, and is expected to close in the first calendar quarter of 2018. Proceeds from the transaction will be used for general corporate purposes, which may include investments to support organic growth and acquisitions, debt reduction and share repurchases. The CDI Board of Directors has approved up to $500 million of share repurchases from the proceeds of the Big Fish sale.

The Raine Group is acting as financial advisor to CDI, and Sidley Austin LLP is providing legal counsel.

About Churchill Downs Incorporated

Churchill Downs Incorporated (CDI) (NASDAQ:CHDN), headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event - The Kentucky Derby. We are a leader in brick-and-mortar casino gaming with approximately 9,910 gaming positions in eight states, and we are the largest legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com. We are also one of the world's largest producers and distributors of mobile games through Big Fish Games, Inc. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

I used to work for a company that was always changing hands. What supposed to be the meeting to disuse how employee benefits would change was a meeting to announce we had been "let go" as the local office was "redundant". So basically the new owners bought the company to end the competition. One of the vice presidents was so disgusted he took early retirement. He claimed he was lied to, about how they were going to expand the business not fire us all. I got a Christmas card from him one year later. Been 15 years. Haven't heard from him since.